The position is in Structured Finance and Evaluation team. All interview mainly focused on water flow system of RMBS/MBS I was contacted by a recruiter in Moody's said that he is going to forward my resume to the team. Three weeks later, he contacted me again said that the first team he had forwarded my resume to already hired someone. So, he was going to forward my resume to another team with same position. Few days later, another recruiter contacted me and arranged an on-site interview in the same week. No phone interview: both recruiters only briefly introduced the position and asked about my background and visa status. On-site interview: I interviewed with four people. Each lasts for about 45 min. Total 3 hour interview. First guy is the head of team, he asked me to talk about myself first and then asking me how I am familiar with RMBS/MBS product and its cash flow system. He said that he know I am not finance background and didn't take relevant class of it, so I can just explain what I have searched for it, no matter from text book, wikipedia, or whatever. After I explained the basic concepts, he told me more details about it and the job of their team. He then asked if I am totally understand what the team is doing and am I still interested in the position. There's no technical question. For second person and third person, they both asked me to talk about my self first, several behavioral questions. Then, I think it's the most important part in the interview, both of them asked me to read a paper of legal documents about RMBS and explain the priority of cash flow based on the documents. I don't have experience in reading documents and don't get it at all. They didn't tell me my answer is correct or not.(Though I am 90% sure I didn't answer it correctly). In addition to legal document reading, one of them also asked me a brain teaser question. The last person asked several behavioral questions first as well. Them, she gave me another legal documents and asked me to explain the cash flow system. The only difference is, she would asked me to read it again if I gave a wrong answer until I finally understand the part of the document. This round is a pretty good experience indeed because I feel I some how progress and feel a bit more familiar with reading these documents. (Then I 100% sure I gave a totally bad answer to second and third person) For people who is familiar with structured finance, especially RMBS, and legal document reading, it would be a very nice position and easy interview I think. Good luck! I got a rejection letter two weeks after on-site interview, totally understand!